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The EU prolongs the Economic Sanctions against Russia for an additional 6 months

On 1st July 2016, the EU Council prolonged the Economic Sanctions on Russia until 31st January 2017. The measures were introduced on 31st July 2014 as a response to ‘the violation of Ukraine’s sovereignty and the annexation of Crimea and Sevastopol to Russia’. TheEU leaders have tied the duration of the Economic Sanctions to the full implementation of the Minsk peace and cease-fire agreements between Ukraine and Russia.

According to the EU Council, the measures do not target the Russian population. Instead, they aim to bring a change to the Russian policy towards Ukraine. As such, the EU Council has imposed a series of measures targeting the Banking, Defence and Energy sectorsof the country. The Economic Sanctions have introduced tight restrictions on Russia’s access to financing. Five major state-owned credit institutions and their majority-owned subsidiaries (established outside of the EU) have been restricted access to capital markets. The list of named entities that have been subject to those restrictions include major defence and energy companies. The current policy broadly restricts the trade in dual-use goods, oil production and exploration technology. In addition, the EU Council has introduced an export and import ban on trade in arms.

Besides the Economic Sanctions, a number of targeted individual restrictive measures have been put in place against 146 persons and 37 entities for their alleged involvement in the conflict in Eastern Ukraine and Crimea. The restrictions have taken the form of asset freezes and visa bans. Those will remain in force until 15th September 2016.

Russia reciprocated against the European measures by introducing import restrictions on EU-origin agricultural products which resulted in a significant decline on European exports.

A number of EU Countries such as Italy, France, Slovakia and Hungary have raised questions regarding the effectiveness of the current sanctions policy calling for a change in tactic that will push Russia and Ukraine towards reconciliation.In contrast, Germany and other member states including the UK, the Baltic States and Poland, continue to support the policy that is currently in place.

The EU has reiterated its willingness to reverse its current position and reengage with Russia, if the latter contributes ‘actively and without ambiguity’ in finding solutions to stabilise the current crisis at eastern Ukraine. As per the words of Federica Mogherini last June, ‘Sanctions in themselves are not an objective, (they) are a tool, and I think that everybody wishes that this situation can be overcome as soon as possible but this needs to be linked to an improvement of the situation on the ground of eastern Ukraine’.